Shhhh! The Secret to Increasing Market Share
April 27, 2016 5:02 pm
posted by FASTLANE
Written by: Tamara Wamsley
In today’s competitive manufacturing environment, it is important to define a strategy to increase your market share. The secret is to include key ingredients in your market share growth strategy recipe.
Secret Sauce for Market Share:
By differentiating your business from the competition, you create a unique value for your customers. Specializing in a segment or product can make you the clear choice. Position your company for success by thinking outside the box.
The most successful manufacturing companies keep their eyes open for new ideas. They visualize the future to see how new technology could impact their business and then work to find a way to use it to their advantage. We can all think of several companies who do this….and those who didn’t. Those who ignore the potential impact to their industry are typically the companies who have gone out of business. Embrace the change. Heck, lead the change.
Promoting your business is one way to be engaging. But remember to engage with the people around you as well. If you listen closely they will often tell you where opportunities exist to help improve your market share by sharing their problems and frustrations. Work on strengthening relationships, not only with your current clients but also throughout your organization and your community. You can benefit from the advice of others, while at the same time, creating an impact in your ability to find and retain the best employees.
You have heard the old adage – Hire people who are smarter than you. The smartest companies also take advantage of local programs that are available to help them grow their business. The funny thing is…many manufacturers make the mistake in assuming that they cannot afford these types of services but there are many local, state and government programs that are available to you. Don’t jump to the wrong conclusion…..make the call and see what is available.
Are you adding the secret sauce to your market share strategy?
FASTLANE is a Manufacturing Extension Partnership with direct access to 500 world class experts within the University of Dayton’s Research Institute including engineers, material experts and world renowned testing resources. Our knowledge of the manufacturing industry and local sourcing capabilities allows our professionals to find reliable supply chain solutions. We stay apprised of the latest tools, technology and regional workforce development programs to help your team grow. We offer best practice and continuous improvement solutions to keep you competitive and have environmental and sustainability professionals who can help address the common challenges in manufacturing. All of these resources are available to help you.
Contact us now (937) 229-1368 or FASTLANE@udri.udayton.edu.